5 Ways Independent Pharmacies Can Generate Additional Revenue
Posted on Oct 12, 2022
As payor reimbursements decline and DIR fees continue to rise, it’s becoming increasingly important that pharmacies find ways to offset their shrinking profit margins. Expanding your pharmacy to include additional services that require little to no third-party involvement is an effective way to do this. Here are 5 ways independent pharmacies can generate additional revenue:
While most pharmacies have been providing select immunizations, like annual flu shots and shingles vaccinations for years, many have begun offering other vaccines as well. From COVID-19 boosters, travel-related vaccines and those required for school, vaccines provide your pharmacy with an easy way to bring in additional revenue and better care for your community.
Plus, BestRx makes it easy for you to:
- Track your acquisition costs and inventory for vaccines.
- Record any administered vaccinations in the patient’s electronic record.
- Submit the required administration records for COVID-19 vaccines (our software integration does this automatically each day).
2. Point-of-Care Testing
You can also offer point-of-care testing at your pharmacy, including:
- COVID tests
- Flu and Strep Throat swabs
- Lab tests (A1C, Lipid, INR, etc.)
In most cases, the out-of-pocket cost to obtain these services at your pharmacy is the comparable to an in-office copay. Plus, most point-of-care testing devices and supplies are relatively inexpensive. This makes point-of-care testing an effective way to offer convenient services for your patients and add a new source of revenue for your pharmacy.
With BestRx, it’s easy to document any point-of-care testing done and process the patient’s payment right from your pharmacy software, too.
3. Health Screenings
Many people visit their pharmacy more often than their doctors. This presents pharmacists with the perfect opportunity to help patients monitor their health. You can offer a variety of health screenings, from annual wellness exams to those for certain health conditions, like:
- High cholesterol
- High blood pressure
Not only are they a great way to add a new source of revenue for your pharmacy, but they also help to keep patients healthy and enable you to develop stronger relationships with your patients, too.
In fact, using your BestRx software and our integration with the CPESN network, you can:
- Create custom clinical assessments and complete eCare Plans for patients.
- Communicate electronically with other members of the patient’s care team.
- Report the enhanced care services you provide.
4. Long-Term Care
Supporting long-term care facilities and their residents is another great opportunity for independent pharmacies to add DIR-free revenue. Millions of elderly patients rely on LTC services, including help managing their medications. With the average facility housing 100 residents, many of whom are on multiple medications, LTC facilities offer pharmacies a significant way to increase their revenue on an ongoing basis.
BestRx makes the supporting these facilities even easier, with a wide range of nursing home-specific features and integrations, including the ability to:
- Quickly generate Medication Administration Records (MAR) and Physician Order (PO) forms.
- Share MARs forms electronically with the facility using a secure online portal.
- Offer unit/multi-dose packaging and print the corresponding labels.
- Manage all LTC facility activity, including adding facilities into your BestRx software and assigning patients, and view Rx logs and other reports, which can be filtered by facility.
5. Market-Level Data Sales
Pharmacies generate valuable market-level data every day, including the medication and prescriber information, fill date and method of payment used. Often, this data is already being bought behind the scenes, whether the pharmacy is aware of it or not. Through our integration with Scriptera, pharmacies can now receive their fair share of these data sales – without any additional cost or work on their part.
Not only are you automatically opted-into the program*, BestRx ensures that only your de-identified, market-level data is sent to Scriptera. Then, Scriptera works on your behalf to coordinate the data sales. As sales are made, the pharmacy will begin receiving a portion of the revenue as a credit on their BestRx statement.
*There is no cost to participate, and pharmacies can opt out of the program at any time.
Adding new sources of revenue for your pharmacy can help offset shrinking profit margins and continue to grow your business. To learn all the ways you can leverage your BestRx software to make implementing new services and increasing your revenue easy, contact our Customer Support team.
Not part of the BestRx family yet? Request a free demo today!